US technology company Oracle has joined forces with financial company JPMorgan Chase and logistics firm FedEx to launch new cloud-driven business-to-business (B2B) commerce services that aim to integrate and automate end-to-end transactions.
The agreement will help customers reduce the cost of doing business, improve customer experience and introduce new technology offerings, the Texas-based software company said on Thursday after announcing the partnership at the Oracle CloudWorld event in Las Vegas, Nevada.
Oracle’s new B2B commerce platform will involve direct connectivity between cloud and service providers such as JPMorgan Payments and FedEx through a unified data model and secure workflows to digitise the entire commerce process.
“To complete a deal, trading partners need to work through many manual interactions and each step in the process adds time and inefficiencies, introduces the possibility of human error, and takes buyers and sellers away from more strategic work,” said Rondy Ng, Oracle’s executive vice president of applications development.
“With Oracle B2B commerce’s integrations with JPMorgan Payments and FedEx, our customers will be able to automate purchasing, selling, financing, shipping, billing and payments to reduce the cost of doing business.”
The new service — which will directly connect more than 40,000 buyers, sellers and service providers through Oracle cloud — will eliminate the inefficiencies caused by disparate systems, processes and data integration that make B2B transactions complex.
For example, Oracle B2B commerce platform will offer integrations with JPMorgan’s payments business, which includes the company's treasury services, trade, commercial card and merchant services capabilities, for integrated banking and JPMorgan travel card and expenses services.
It will also offer planned logistics services integration as part of the FedEx compatible programme.
Globally, the cloud industry is booming. The spending on public cloud services is expected to jump 20.4 per cent annually to $495 billion this year, as businesses expedite the pace of their digital transformation in the post-Covid era, US researcher Gartner said.
Total spending is about $84bn more than in 2020 and is expected to surge nearly 21.3 per cent yearly to almost $600bn next year.
“Our goal is to provide cutting-edge payments solutions that transform the financial services ecosystem,” said Hubert JP Jolly, JPMorgan Payments’ global co-head of corporate and e-commerce sales.
“This requires us to be where our customers are doing business. We are delighted to work with Oracle, allowing its customers to gain seamless access to JPMorgan Payments’ offering, including improved cash flow insights, and helping to accelerate business transactions.”
By enabling 40,000 businesses to transact and share information across all trading parties, Oracle B2B commerce platform intends to expedite the completion of transactions and improve the customer experience. It will also enable businesses to offer new services including new payment solutions.
Through its partnership with FedEx, Oracle aims to provide its customers real-time rate quoting, shipping and tracking capabilities. It further plans to deliver advanced capabilities to help optimise logistics operations to reduce delivery costs and improve performance, the company said.
